IFC eyes P4.4-billion investment in Mynt IPO

THE International Finance Corp. (IFC), the private-sector arm of the World Bank Group, has disclosed a planned P4.4-billion investment in Mynt, Inc.’s initial public offering (IPO) on the Philippine Stock Exchange (PSE) as a cornerstone investor.

The investment, equivalent to about $70 million, would come from IFC’s own account through the purchase of Mynt common shares, according to a disclosure dated Sept. 23. The project, identified as “Project Hiraya,” is pending approval.

Mynt’s IPO will comprise both primary and secondary shares.

IFC said proceeds from the primary offering would be used to expand Mynt’s digital financial services business, including its CreditTech operations through Fuse Financing, Inc., as well as for product development and other general corporate purposes.

Mynt is the parent company of the group behind GCash, which had 41.5 million monthly active users in the three months ended June 2026, equivalent to about 56% of the Philippine adult population.

Separately, GCash said it has been seeing increased use of investment products on its platform ahead of Mynt’s planned listing.

“In terms of behavior of customers, we see that there are a lot of trials. A lot are very interested to start investing and saving,” GCash Commercial Head of Wealth Management Darvin Sy Su told reporters on Monday.

GCash said its investment offerings, including GStocks, GFunds, and GBonds, have reached more than 25 million accounts, while GStocks has onboarded about two million users.

Mr. Sy Su said investment preferences varied across users, with younger customers showing more interest in cryptocurrency, while those with traditional investments also placed funds in stocks and bonds.

Toby Allan C. Arce, head of sales trading at Globalinks Securities and Stocks, Inc., said GCash’s investment services could give Mynt an additional channel for reaching retail investors through its existing user base.

He said, however, that this should not be the primary basis for valuing Mynt ahead of the IPO.

The PSE last week approved Mynt’s application to list its common shares on the Main Board under the ticker symbol GCASH.

The offering covers up to 8.03 billion primary and secondary common shares, consisting of up to 1.61 billion primary shares and 6.42 billion secondary shares, with an overallotment option of up to 1.20 billion secondary shares.

Mynt has set a maximum offer price of P10 per share, with the final offer price scheduled to be determined on Oct. 1 following the bookbuilding process.

The offer period is scheduled for Oct. 6 to 12, with the tentative listing date set for Oct. 20.

The PSE has said the transaction could become the largest public offering in the exchange’s history. — Alexandria Grace C. Magno and Ashley Erika O. Jose